SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 25, 1998
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass-Through Certificates, Series 1998-E)
(Exact name of registrant as specified in charter)
Delaware 33-63714 95-4449516
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
155 N. Lake Avenue, Pasadena, CA 91110-7137
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (818)-304-4428
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
Item 5. Other Events
CWMBS, INC.
Mortgage Pass-Through Certificates
Series 1998-E
On September 25, 1998, The Bank of New York, as Trustee for CWMBS, INC.,
Mortgage Pass-Through Certificates Series 1998-E, made a monthly distribution to
Certificate holders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of April 1, 1998, among CWMBS, INC. as Depositor,
Independent National Mortgage Corporation, Seller and Master Servicer and The
Bank of New York, as Trustee.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
99 Report to Holders of CWMBS, INC., Mortgage Pass-Through
Certificates Series 1998-E relating to the distribution date
of September 25, 1998 prepared by The Bank of New York, as
Trustee under the Pooling and Servicing Agreement dated as
of April 1, 1998.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: September 25, 1998
CWMBS, INC.
By: /s/ Kelly A. Sheahan
------------------------------
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
<PAGE>
EXHIBIT INDEX
Exhibit
99 Monthly Remittance Statement dated September 25, 1998
Payment Date: 09/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-E
Residential Asset Securitization Trust, 1998-A5
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Principal Interest
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A1 155,644,182.27 6.750000% 6,191,305.64 875,498.53 7,066,804.17 0.00 0.00
A2 82,178,000.00 6.750000% 0.00 462,251.25 462,251.25 0.00 0.00
A3 29,021,000.00 6.750000% 0.00 163,243.13 163,243.13 0.00 0.00
A4 12,072,000.00 6.750000% 0.00 67,905.00 67,905.00 0.00 0.00
A5 78,000,000.00 6.750000% 0.00 438,750.00 438,750.00 0.00 0.00
A6 45,402,495.99 6.750000% 1,946,674.16 255,389.04 2,202,063.20 0.00 0.00
A7 105,461,868.71 6.750000% 4,265,163.09 593,223.01 4,858,386.10 0.00 0.00
A8 24,000,000.00 6.750000% 0.00 135,000.00 135,000.00 0.00 0.00
A9 9,158,600.00 6.668750% 0.00 50,897.01 50,897.01 0.00 0.00
A10 2,374,400.00 7.063411% 0.00 13,976.14 13,976.14 0.00 0.00
A11 37,500,000.00 6.750000% 0.00 210,937.50 210,937.50 0.00 0.00
X1A 296,507,620.67 0.858912% 0.00 212,228.20 212,228.20 0.00 0.00
X1B 79,544,920.45 0.858912% 0.00 56,935.05 56,935.05 0.00 0.00
X2 226,206,086.98 0.573578% 0.00 108,122.29 108,122.29 0.00 0.00
PO1 8,984.87 0.000000% 8.21 0.00 8.21 0.00 0.00
PO2 200,306.68 0.000000% 206.70 0.00 206.70 0.00 0.00
Residual AR 100.00 6.750000% 0.00 0.56 0.56 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,132,468.57 6.750000% 9,148.66 73,870.14 83,018.80 0.00 0.00
BIB 4,974,389.69 6.750000% 3,465.38 27,980.94 31,446.32 0.00 0.00
B1C 2,785,678.17 6.750000% 1,940.63 15,669.44 17,610.07 0.00 0.00
B1D 2,188,711.52 6.750000% 1,524.75 12,311.50 13,836.26 0.00 0.00
BIE 1,193,833.58 6.750000% 831.68 6,715.31 7,546.99 0.00 0.00
BIF 1,591,846.04 6.750000% 1,108.95 8,954.13 10,063.08 0.00 0.00
B2A 5,360,582.66 6.750000% 3,939.49 30,153.28 34,092.77 0.00 0.00
B2B 2,492,937.16 6.750000% 1,832.06 14,022.77 15,854.83 0.00 0.00
B2C 1,121,831.69 6.750000% 824.43 6,310.30 7,134.74 0.00 0.00
B2D 747,921.03 6.750000% 549.65 4,207.06 4,756.70 0.00 0.00
B2E 747,921.03 6.750000% 549.65 4,207.06 4,756.70 0.00 0.00
2BF 747,879.24 6.750000% 549.59 4,206.82 4,756.42 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - - 618,107,938.90 - 12,429,622.72 3,852,965.46 16,282,588.18 - -
- ----------------------------------------------------------------------------------------------------------------------------------
Class Information
- --------------------------------------------------------------------------------
Ending Cert. Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------------------------------
Senior A1 149,452,876.63 0.00
A2 82,178,000.00 0.00
A3 29,021,000.00 0.00
A4 12,072,000.00 0.00
A5 78,000,000.00 0.00
A6 43,455,821.83 0.00
A7 101,196,705.62 0.00
A8 24,000,000.00 0.00
A9 9,158,600.00 0.00
A10 2,374,400.00 0.00
A11 37,500,000.00 0.00
X1A 293,093,321.91 0.00
X1B 76,756,039.99 0.00
X2 219,995,307.96 0.00
PO1 8,976.67 0.00
PO2 200,099.98 0.00
Residual AR 100.00 0.00
- --------------------------------------------------------------------------------
Subordinate B1A 13,123,319.91 0.00
BIB 4,970,924.31 0.00
B1C 2,783,737.55 0.00
B1D 2,187,186.77 0.00
BIE 1,193,001.90 0.00
BIF 1,590,737.09 0.00
B2A 5,356,643.17 0.00
B2B 2,491,105.10 0.00
B2C 1,121,007.26 0.00
B2D 747,371.39 0.00
B2E 747,371.39 0.00
2BF 747,329.64 0.00
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Totals - - 605,678,316.18 -
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 09/25/98
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-E
Residential Asset Securitization Trust, 1998-A5
------------------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
Factors per $1,000
- ------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------
Senior A1 155,644,182.27 6.750000% 12669ANL4 36.033253 5.095381 869.812228
A2 82,178,000.00 6.750000% 12669ANM2 0.000000 5.625000 1,000.000000
A3 29,021,000.00 6.750000% 12669ANN0 0.000000 5.625000 1,000.000000
A4 12,072,000.00 6.750000% 12669ANP5 0.000000 5.625000 1,000.000000
A5 78,000,000.00 6.750000% 12669ANQ3 0.000000 5.625000 1,000.000000
A6 45,402,495.99 6.750000% 12669ANR1 38.933483 5.107781 869.116437
A7 105,461,868.71 6.750000% 12669ANS9 36.916632 5.134574 875.896530
A8 24,000,000.00 6.750000% 12669ANT7 0.000000 5.625000 1,000.000000
A9 9,158,600.00 6.668750% 12669ANU4 0.000000 5.557292 1,000.000000
A10 2,374,400.00 7.063411% 12669ANV2 0.000000 5.886176 1,000.000000
A11 37,500,000.00 6.750000% 12669APP3 0.000000 5.625000 1,000.000000
X1A 296,507,620.67 0.858912% 12669ANY6 0.000000 0.692273 956.049809
X1B 79,544,920.45 0.858912% 12669APQ1 0.000000 0.664277 895.534245
X2 226,206,086.98 0.573578% 12669ANZ3 0.000000 0.448876 913.323675
PO1 8,984.87 0.000000% 12669ANW0 0.910046 0.000000 995.483769
PO2 200,306.68 0.000000% 12669ANX8 1.027710 0.000000 994.915635
Residual AR 100.00 6.750000% 12669APA6 0.000000 5.625010 1,000.000000
- ------------------------------------------------------------------------------------------------------------------------
Subordinate B1A 13,132,468.57 6.750000% 12669APB4 0.694744 5.609652 996.576646
BIB 4,974,389.69 6.750000% 12669APC2 0.694744 5.609652 996.576646
B1C 2,785,678.17 6.750000% 12669APD0 0.694744 5.609652 996.576646
B1D 2,188,711.52 6.750000% 12669APR9 0.694744 5.609652 996.576646
BIE 1,193,833.58 6.750000% 12669APS7 0.694744 5.609652 996.576646
BIF 1,591,846.04 6.750000% 12669APT5 0.694744 5.609652 996.576646
B2A 5,360,582.66 6.750000% 12669APE8 0.732765 5.608660 996.362332
B2B 2,492,937.16 6.750000% 12669APF5 0.732765 5.608660 996.362332
B2C 1,121,831.69 6.750000% 12669APG3 0.732765 5.608660 996.362332
B2D 747,921.03 6.750000% 12669APU2 0.732765 5.608660 996.362332
B2E 747,921.03 6.750000% 12669APV0 0.732765 5.608660 996.362332
2BF 747,879.24 6.750000% 12669APW8 0.732736 5.608661 996.362470
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
Totals - - 618,107,938.90 - - - - -
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------
Independent National Mortgage Corporation
Mortgage Pass-Through Certificates, Series 1998-E
Residential Asset Securitization Trust, 1998-A5
------------------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
principal balance 376,581,860.81 229,096,455.27 605,678,316.08
loan count 2505 596 3101
average loan rate 7.977633% 7.681390% 7.86
prepayment amount 5,942,663.32 6,047,327.17 11,989,990.49
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
master servicing fees 22,098.06 7,001.01 29,099.07
sub servicer fees 79,748.17 49,370.51 129,118.67
trustee fees 2,870.93 1,764.88 4,635.81
Aggregate advances N/A N/A N/A
Advances this periods 0.00 0.00 0.00
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 0.00 0.00 0.00
Fraud 7,980,796.00 2,500,209.00 10,481,005.00
Special Hazard 6,181,079.39 6,181,079.39 12,362,158.78
Aggregate Certificate Information
-----------------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentage Prepay Pct. End Cert. Bal.
-----------------------------------------------------------------------------
Senior 94.004071% 100.000000% 581,021,938.51
-----------------------------------------------------------------------------
Junior 5.995929% 0.000000% 37,059,735.47
-----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 53 9,598,787.68
60 to 89 days 8 1,588,750.42
90 or more 3 382,579.68
Foreclosure 0 0.00
Totals: 64 11,570,117.78
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
N/A # 0 N/A
Totals: 0 N/A
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0
<PAGE>
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawal Total/Ending Bal.
----------------- -----------------
Available remittance amount 16,282,588.18 16,282,588.18
Principal remittance amount 12,429,622.72 12,429,622.72
Interest remittance amount 3,852,965.46 3,852,965.46